WASHINGTON--(BUSINESS WIRE)--Citizens Against Government Waste (CAGW) President Tom Schatz issued the following statement after the House Ways and Means Committee released The Tax Cuts and Jobs Act, which would cut tax rates, simplify the tax code, and jumpstart the U.S. economy:
“The Tax Cuts and Jobs Act would boost wages, turbocharge the economy, and allow Americans to keep more of their own money. Every taxpayer dollar that is returned back to the American people is a dollar not frittered away by a federal bureaucracy teeming with waste, fraud, abuse, and mismanagement. From a permanent corporate rate of 20 percent that dramatically enhances America’s global competitiveness, to a simplification of the tax code that will allow most Americans to file their taxes on a postcard, this bill delivers for every American.”
- Taxpayers spend 8.9 billion hours annually complying with the tax code.
- Tax code compliance costs the economy $234.4 billion per year.
- The tax code is 10 million words and is more than six times as long as it was in 1955.
- 94 percent of taxpayers paid someone else or used software to prepare their tax forms.
- The instructions alone for the typical 1040 tax form used by most Americans has grown from just two pages in 1935, to 241 pages today.
Citizens Against Government Waste is the nation's largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.